I am not impressed with what someone makes in a month, a year, 5 or even 10 yrs. I cannot tell you how many traders I have known worth 5–10-15 and even 20 million that have gone broke. I can guarantee you, this business will change, your life will change(divorce, death, illness’s) and the world will change(recessions, depressions, stagflation, changes in the world’s reserves currency, Ai and whatever else you can think of). Make your money. Bank your money. Live below your means at all times and prepare for the worst case scenario without living in fear of it. The only true measure of success is what you take with you when you are done trading for active income.
@marketsurge pl fix phone app problems, it has been over month, list and screen features are not working.
Change date is also on desktop has lots of bugs.
@RedDogT3 One of the best thing you said today, I lose money when people tells me something is going to happen and which never happens and makes most of my money trading the chart!
The needier you are, the less likely you are to get what you want.
It's almost like a cosmic rule.
One of the most important lessons I’ve learned in life.
Learn to detach and let things work of their own accord.
Your only job is to create alignment.
Get obsessed with your process.
Let go (and I mean really let go!) of the outcome.
Let it take care of itself.
In 1989, Jack Schwager profiled Ed Seykota in the original “Market Wizards”. Seykota is widely regarded as one of the best traders ever. He quietly built one of the first computerized trading systems, then let math and discipline do the work.
The results were astonishing: one account grew more than 250,000% in sixteen years.
But what struck Schwager most wasn’t the money, it was Seykota’s mind. He treated markets like a mirror, reflecting human behavior back at us. His real edge wasn’t prediction. It was understanding people, including himself.
Ed Seykota wrote a book that was never published called, “The Traders Window”. He would let visitors read it and even printed a few copies for some close friends.
In the book there is a short story called The Jade Master, and Seykota allowed Jack Schwager to reprint it for the prologue of his next book, “The New Market Wizards” (1992). Here is the story:
https://t.co/FDLLpcIBWf
The great paradox of trading is that, more often than not, doing less actually leads to greater success.
Here are some of my favorite Market Wizard quotes on the value of trading less and practicing patience:
"I think the secret is cutting down the number of trades you make.” — Michael Marcus
“Frequently, the wisest trade is to refrain from trading altogether. Like in poker, it's wiser to wait for the right hand.” — Ed Seykota
"I just wait until there is money lying in the corner, and all I have to do is go over there and pick it up. I do nothing in the meantime.” — Jim Roger
“The cheetah is the fastest animal in the world and can catch any animal on the plains, it will wait until it is absolutely sure it can catch its prey... That, to me, is the epitome of professional trading." — Mark Weinstein
“Risk management is the most important thing to be well understood. Undertrade, undertrade, undertrade is my second piece of advice. Whatever you think your position ought to be, cut it at least in half.” — Bruce Kovner
"To fund his golfing ambitions, McIlroy's parents took on extra jobs. Gerry worked 100 hours a week; he cleaned toilets and showers at a local sports club in the mornings, served as a bartender at Holywood Golf Club from 12 to 6 pm, then returned to the sports club to work behind the bar in the evenings. Rosie looked after Rory during the day, and worked night shifts packaging rolls of tape at a 3M factory in Bangor, County Down. Due to their conflicting schedules, McIlroy's parents rarely saw each other during this period. Gerry later said: "I had no idea what else to do. I’m a working-class man. We wanted to give our only child a chance."
After finding success as a professional golfer, McIlroy bought his parents a house in 2009, and stated: "I’ll never be able to repay Mum and Dad for what they did, but at least they know they’ll never have to work another day. I’ll do whatever it takes to look after them."
I normally refrain from posting long term charts because it takes away flexibility to trade shorter term reactions, but too many are far underestimating the downside risk of where we are in the current cycle. DESPITE the fact that the market is "oversold"...which means nothing.